Market Update: Energy keeps light bright in a sea of red

The ASX is down .7 of a per cent with every sector – except energy – in the red.

Real estate is taking a dive – the sector has lost nearly 2 per cent mid-session.

In other news this morning – the ABS has released the monthly business turnover indicator. Business turnover for the Mining industry had the largest monthly fall in February of 9.6 per cent. The ABS says the fall in Mining turnover was largely due to declining commodity prices, particularly iron ore.

The frailties of metal ore prices was offset by growth in the Oil & Gas Extraction subdivision, which rose by 5.1 per cent in the second month of the year.

Today we’ve turned the spotlight onto Avita Medical, Vulcan Energy and Haranga Resources.

Company news

Wound care and skin restoration developer AVITA Medical (ASX: AVH) is down nearly 11 per cent after providing an update on its anticipated revenue for Q1 2024 – and downgrading its commercial revenue guidance for the quarter.

It now anticipates its commercial revenue to be between US$11.0 million and US$11.3 million – which is about 25% lower than the previously estimated range of US$14.8 million to US$15.6 million.

The company says this is due to a slower-than-expected conversion rate of new accounts for the expanded use of its products in treating full-thickness skin defects.

Despite that, it remains optimistic about future growth prospects.

AVH has been trading at $4.

Vulcan Energy (ASX:VUL) is up nearly 14 per cent on news it’s become the first company to produce lithium chemicals from their Lithium Extraction Optimisation Plant (LEOP) in Germany – hoped to be used on the continent,

Production began at the plant to produce lithium chloride (LiCl) product – with early results showing extraction levels to be consistently over 90 per cent.

VUL has been trading at $3.25.

And Haranga Resources (ASX:HAR) has announced the results from 19 recent RC drillholes on-site at its Senegalese uranium acreage.

The best results intercepted were 36m at 913 parts per million of uranium from a depth of 39m – including 14 metres at 1700 parts per million.

HAR has been trading at 12 cents.

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